September 2, 1974 — President Ford signed the Employee Retirement Income Security Act (ERISA), to protect pension accounts. It was passed partly in response to Studebaker employee pension losses in 1963. The U.S. Pension Benefit Guaranty Corporation (PBGC) was set up to insure the bulk of corporate America’s pension plans. It was expanded to include 401(k) accounts in 1978.

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